Silver Heritage’s Nepal resort faces delays

Silver Heritage Group says the opening of its Tiger Palace Resort Bhairahawa in Nepal will be pushed back as a result of “temporary unexpected delays”.

The ASX announcement sent February 1, says a “shortage of liquidity in the Nepal Banking System” and “unanticipated delays in the issuance of approval for Silver Heritage to increase the equity ceiling of its corporate investment vehicle… [in order] to fund construction costs” has been the main reason for the delay in on-site activity.

The company says the process is expected to take several weeks.

The group has also increased its revenue expectation for 2016 as a result of improved trading performance in 16Q4.

Previously it released guidance that 2016 revenue is expected to be a minimum of US$16.75 million with adjusted EBITDA of a minimum of US$3.09 million.

But the company says it now expects sales revenue for 2016 to be US$16.9 million, with expected adjusted EBITDA to be around US$3.3 million.